Legal Question in Business Law in Maryland
Reviving a non-profit
A non-profit that folded about 8-10 years ago with substantial debt, would like to revive and renew its mission. Is it still liable for any past debt and what is the best way for it to collect on a lien it still has on a house?
(It was a housing devlopment corp)
Asked on 3/19/05, 6:31 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: Reviving a non-profit
It would still be liable on the debts, but they are stale because of the statute of limitations. As for the lien, you didn't provide much information, but if there's a recorded lien, it still attaches to the property, and you may have a right of foreclosure.
Answered on 3/21/05, 9:48 am
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